captioned by the national captioning institute --www.ncicap.org-- >> this is the "journal." the leaders of france, germany, and degrees on hold crisis talks. -- greece hold crisis talks. turkey's prime minister cause undetermined to do more to support his country's bid to join the european union. euro zone leaders are scrambling to contain the damage after
offense threw a wrench and the works, the news that greece is planning to put the bailout package to a referendum. the leaders of germany and france are sitting down for an emergency session with the greek prime minister and banking officials to figure out what to do now. >> and other crisis meeting for a top european officials. once again, it is about the greek debt crisis. one day before a summit, ec leaders are scrambling to deal with greece's plans to let its citizens vote on the bailout package. >> i want to make an urgent appeal for national and political unity in greece. we have agreed on far-reaching measures to support greece. for those measures to be implemented, it is important to have stability in the country. >> eu leaders warned of unforeseeable consequences if greek voters reject the bailout plan. they say it is up to the greek
government to make sure it gets as broad a majority as possible. the greek move has annoyed germany, too. >> what counts for us our auctions. lastly, we agreed on a program with a greece. we want to implement the program. therefore, we need clarity. >> eu leaders hope greek prime minister can provide that clarity. >> what to the european partners expect from the prime minister? >> the european partners expect greece to present a timetable with a referendum as an as possible. nicolas sarkozy and angela merkel are afraid that the longer the situation lasts, the more nervous the market gets.
if greece wants to stay in the euro zone or not, no matter how the question will be passed, many people in the euro zone are afraid. it would mean not only the end of all of the greek rescue package, but it could mean the end for the european comprehensive rescue plan. >> is there a plan to be -- plan b? >> nobody has talked about it in public or in business circles. the politicians avoid the subject. they're very much afraid that the speculation could cause a lot of damage for countries like italy. they are very much afraid of the political impact it could have on the european union. >> ken euro zone leaders managed to clear the decks so they can keep -- ken euro zone leaders
managed to clear the deck? >> i am not sure they can really clear the deck. they can present a timetable so they can demonstrate to the market that they are doing something. their position here it is definitely weekend. two days ago, they presented that europe had done all the necessary steps to rescue the euro zone. now all this is in danger. i think the others will criticize them a lot and the euro zone -- they say that the euro zone is becoming a problem for the world economy. i guess that will be the subject that will overshadow all the others at the summit. >> thank you. >> italian prime minister berlusconi is holding an emergency meeting with this cabinet to tackle this country's debt crisis. italy has the second-highest debt to gdp ratio in the euro zone.
investors are hesitant to buy italian bonds because they feel the debt crisis could deepen. berlusconi wants to accelerate budget reforms. >> it is a confusing week on the market. >> that is putting it mildly. the greek plan to hold a referendum on the bailout only rattled the investors' confidence in the euro zone as a whole. everything is up in the air again, including the hair cut. >> greek banks are already struggling. they hold the largest share of the country's sovereign bonds, making -- they will have to write down much of the debt. to with sandy hair cut, they need more capital. -- to withstand the hair cut,
they need more capital. they need about 30 billion euros of additional capital. french financial institutions holding sovereign bonds will need an additional 10 billion euros. german banks need 5.2 billion euros. it holds the largest amount of sovereign bonds from debt stricken countries. their value could drop even further. >> if greece does not want additional help, it will descend into chaos. then i would be possible blood banks lose much more than 50%. -- that it would be possible for banks to lose much more than 50%. >> for the time being, the banks continue to bolster their capital reserves. >> the markets took a breather today from all the turbulence. european stocks rose.
>> when you look at the dax, you are inclined to say, what a great day. indeed, the mood here is still a very negative one. pessimistic. the shock is still there. greece announced that it would hold a referendum over the bailout conditions. people say, how are we supposed to bridge the time between now and that referendum would so much insecurity? one is looking for some sign of hope, reassurance, from the summit in cannes. >> the u.s. federal reserve has slashed its forecast for economic growth and raise projections for unemployment. the fed now says gdp growth will
come in at about 1.6% instead of 2.7%. it has put monetary policy on hold. ben bernanke suggested the euro debt crisis holds large downside risk to the american economy. he also said conditions were improving, the pace of the recovery is frustratingly slow. let's take a quick look at some markets numbers, beginning in frankfurt. the dax finished the day up 2%. across the atlantic, trading has ended as well. the dow jones industrial closed up by 1.5%. german retail giant is in talks with several potential buyers of its department store chain. they have been trying to
offloaded, which owns 140 stores. the bidders include a real estate group and a german investor. experts believe a merger could be in the offing. it is a renewable projects designed to harness the power of solar energy over northern africa. the project's delegates have been discussing the challenges that lie ahead. >> the dream is to harness solar and wind energy in africa's deserts' to help feed europe and africa is going energy demands. the first solar power plant goes up in morocco next year and produces as much energy as a small nuclear plant. the consortium includes german companies.
they want to stick to their timetable, despite the political unrest in the arab world. >> it will be very important that the people see the prospectus. they see the renewable energy from the desert globally helps them to create jobs, renewable energy and to create a better economic basis for their development. >> morocco is the first step to be followed by expand into tunisia and algeria. in 2020, they hope to expand to libya, egypt, turkey, saudi arabia. >> morocco is making good progress. the first power plant is expected to be done next year. it attempts to move away from nuclear energy. >> we will stay in the region. >> syria has accepted a proposal by the arab league to end its month-long violence of the anti-
government protest. the plan calls for damascus to removed armored vehicles from the street and to allow international observers into the country. syria's opposition has matched the agreement with skepticism. over 30 people were killed in violent clashes within the last 24 hours. >> the man who founded wikileaks say he has been targeted for exposing be illegal and unethical actions of governments around the world. a british court refused an appeal by julian assange to avoid extradition to sweden. >> the 40-year-old australian is running out of options. he sees himself as a victim. >> i have not been charged with any crime in any country. despite this, the european arrest warrant to is so restrictive, it prevents u.k.
courts from considering the facts of the case. as judges have made clear. >> he denies the accusations against them and insist they are politically motivated. there is no shortage of conspiracy theories. material published by wikileaks, like classified videos, diplomatic cables, has embarrassed governments and made julian assange powerful enemy. he says he is now considering its next steps. he will have two weeks to decide a weather to make a final appeal to britain's supreme court. >> a jury in new york has found a former russian arms dealer guilty on four counts, including conspiring to kill military personnel. he faces a minimum of 25 years in prison and could get a life sentence. the former soviet air force officer is less to ban the world's biggest black-market arms dealer in the post cold war
era. he was arrested three years ago in bangkok in a sting operation. before chance lot -- chancellor angela merkel headed to the summit today, she had an important appearance with the turkish prime minister erdogan. turkish migrant workers arrived to work in germany's auto industry and coal mines at a time when the country was short of manpower. >> there were smiles all around as angela merkel meant -- met erdogan. both leaders emphasized the special relationship between their countries, with erdogan using the occasion to push his country's european union bid. >> we hope that germany will
strongly championed turkey's entry into the european union. >> his visit to germany has not been without friction. his earlier comments to a newspaper, calling for turks born in germany to learn turkish as a first language, did not go down well. >> learning and mastering the german language is a must for successful integration. that is key to a good education and training. that is crucial for people to have a successful job and a stake in society. >> the chancellor did acknowledge the contributions made by turkish immigrants to germany. at the same time, she called for more efforts to train the younger generation. >> the german soccer association has decided to -- the punishment
comes after a fans rioted last week. the verdict does still have to be confirmed by the courts. >> fireworks, laser pointers, and brown bottles. -- thrown bottles. the punishment is unusually tough. >> the punishment affects the club first and foremost, but there are the people we have to turn to. the club has to be responsible for its fans. >> the club down could cause the more than a million euros. some observers said it will hurt the wrong people. >> i think the punishment is very tough. it is all right to punish a club by making them play a match without their supporters. that the message out to the fans
that they are responsible. but banning them from the competition all together and making the peaceful majority share the blame is problematic. >> they are to meet with the german interior minister in a fortnight to discuss the problem of soccer hooligans. >> it was missed an accomplished for china as a took a crucial step for setting off its own manned space station. they completed their first successful docking. 343 kilometers above earth. china hopes to finish construction of a space station by 2020. the docking technology is vital to its goal, but it is also one that is difficult to master. the two vessels will remain connected for almost 12 weeks before separating. -- for almost two weeks before
communities, their potential remains untapped. >> i am powerful. >> it is a source of power the world can no longer afford to overlook. she has the power to change our world. you have the power to help do it. >> welcome back. the threat of being inundated by floodwaters, bangkok is going through some tough times. thailand center of government of commerce is home to corporate headquarters, banks, hundreds of businesses, and millions of citizens. the battle to keep the floodwaters out of bangkok is continuing. there is no way of knowing how many residents have been affected by the rising waters. the government says some districts are completely submerged. even so, people are still carrying on with their lives in the areas that a disappeared
beneath the water. >> residents here have to use boats to get a round. this district near central bangkok is under water in some places. the ground floors of many homes have flooded. most residents have chosen to stay put. >> we are worried about our house. we have no relatives outside bangkok. my mother is ill and there is no money. where should we go? >> these men have been living in flooded homes for 10 days. they sent their wives and children to stay with relatives in southern thailand. they're still sleeping at home. >> the smell of the water is awful. i get scared sometimes. the water is really dirty. small cuts did infected immediately and we do not have any more madison. -- madison. -- medicine.
>> it is impossible to live a normal life down here. the power has not been turned off. more than 50 people have died from electrocution. >> this is my home. i was born here. we are all staying. right, guys? we are sticking together. >> people are making do with what they have. -- due with what they have. rising waters have been especially dangerous to small
children. doctors and rescue workers warn of exposure to dangerous germs. aid organizations are trying to bring all mothers and children to safe and dry shelters. they focus on helping young the flood victims. 63 children and their families have taken shelter in this school. >> some of these children have been in shelters for a week or two and have nothing to do. we're trying to offer them some structured activities. the chance to play and to have fun, but give them some learning materials to keep them busy. we want to help them get to the trauma of the whole thing. they are no longer home with their family and friends. >> most of the children appeared to take the situation in stride. they have been through a lot in recent weeks.
>> we have to walk through high flood waters and could only did the children with us. we had to leave everything else. >> he could only bring along the bare essentials. she was still working at the markets when the flooding started. >> i am not doing well. i cannot sell anything because of the floods. we have to live here now, it is frustrating. i was selling things at market until the last minute. that is when i stopped. now we have no more income. i did have to accept it. -- i just have to accept it. >> they have been living in this class and for the past week. they share the room with 12 others. for six-month-old baby has a cold and there is not enough for
the infant to eat. >> have enough powdered milk. this is only enough for today's. the baby cannot drink normal milk yet. he was in the hospital and month ago with stomach problems. >> downstairs, workers are giving out fresh milk to the older children. stores are short on powdered milk and shelters are reluctant to distribute it. aid workers say mothers should breast feed if they can. >> in this situation, giving powdered milk is dangerous. the water is not clean enough. they have to control the quality of water and make sure the bottle is clean enough. we need to educate mothers. >> of the german embassy in bangkok has also worried about
the water quality. a team of experts from the country's technical relief agency has been flown in to provide support. they visit the district right on the river. >> germany was the first european country to provide substantial humanitarian aid. we provide the support to the red cross of thailand. now we are providing water treatment units and filters. we have 500,000 euros at our disposal. >> relief efforts continued. what victims want to know is a responsible. one internet radio address to explain the current situation. it has gotten at least a million clicks so far.
>> many of the countries in asia, even in europe, the planning lags behind. you see developments taking place without complete planning of the consequences. >> of finding solutions to the problems that -- is something that this dutch flood expert is trying to do. the floodwaters have not subsided yet.
the country has to look ahead. >> the government has made an enormous budget available, 800 billion. we will see what comes out of that. >> some neighbors do not know weather they will -- leader they will see any of that money. but they're not complaining. >> why should i cry? i am still live and die living here. why should i be sad? it hurts me to see the scale of the floods. it is really hard for all of us. >> the floods have left some 400 people dead. damages are estimated at nearly 12 billion euros so far. large areas of thailand are still under water. >> that has been our "in depth."
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